🔊 Listen to ArticleThe relaxation offered by the government on the condition of presenting CNIC copies for transactions over Rs 50,000 has ended with the month of January. The mandatory condition will come into force on Saturday (today). The idea behind the move was to record business-to-business transactions and few transactions in a value higher than Rs50,000 by limited number of consumers and that too from sales tax registered person. The condition is supposed help avoid, unverifiable and fictitious business buyers which results in huge sales tax losses in the value chain. However, back then, there had been strong reservation of registered persons on providing CNIC of their supplies to unregistered persons.

Source: Pakistan Today February 01, 2020 07:41 UTC